Jet Airways has complied with market regulator Sebi’s 25 per cent minimum public shareholding norm by selling 5 per cent of its promoters’ stake through OFS route and block deal.
“The company’s promoter Tail Winds ltd has through an OFS /Block Deal sold 43.17 lakh (amounting to five per cent stake) equity shares through the stock exchanges,” Jet Airways said in a regulatory filing.
Pursuant to the share-sale, the company has now complied with the minimum public share holding norms of 25 per cent as stipulated by Sebi.All listed private sector companies need to achieve 25 per cent minimum public shareholding by June 3, 2013 to avoid penal actions by the regulator.
Earlier in the day, Jet Airways said that Sebi has allowed its promoters to sell further 1.54 per cent stake.